Hotter-than-expected inflation raises chances of Fed rate hike

What happened: Consumer prices rose more than economists expected in October on a monthly basis, the Labor Department reported. The CPI increased 0.4% for the month. Key numbers: CPI rose 0.4% monthly versus a FactSet forecast of 0.3%. Shelter costs rose 0.3% and accounted for more than 30% of the monthly all-items increase. Why it matters: The data is one of the first snapshots of the economy after the midterm elections, which underscored Americans' frustration with high prices. Falling gas prices offered some relief as energy contributed less to the monthly rise than in past reports. Coverage: 4 outlets in 24h

Consumer prices rose more than economists expected in October on a monthly basis, the Labor Department reported. The CPI increased 0.4% for the month.

The data is one of the first snapshots of the economy after the midterm elections, which underscored Americans' frustration with high prices. Falling gas prices offered some relief as energy contributed less to the monthly rise than in past reports.